Unlike the rival San Francisco Bay Area, Los Angeles hasn’t really cashed in on the technology boom. Real-estate agents, money managers and luxury-goods purveyors are hopeful the Snap stock offering will finally produce a wave of local tech millionaires and billionaires.
LOS ANGELES — Blaine Lourd has long helped the movie stars, professional athletes and heiresses in Los Angeles manage their wealth. During the past few years, he has also noticed millionaires who made their money in technology begin to dot the west side of the city.
“What we have not had is our Google moment,” Lourd said, referring to Google’s initial public offering in 2004, which produced a horde of new millionaires in Silicon Valley.
Now such a moment may be upon Los Angeles. Next month, Snap, the parent company of the disappearing-message app Snapchat, which is based in the Venice neighborhood, is set to go public — and in the process mint a wave of tech millionaires and billionaires in a city better known for its well-paid Hollywood stars.
That prospect has Angeleno real-estate agents, money managers and luxury-goods purveyors excited for a potential business windfall, akin to what their Silicon Valley brethren 375 miles to the north have seen time and again with tech IPOs.
Most Read Stories
“When it comes to tech companies, for the wealth managers and real-estate guys, no one has really rung the register like the Snap thing that’s about to happen” to Los Angeles, said Lourd, whose wealth-management firm, LourdMurray, is based in Beverly Hills. “My theme is that Snapchat is the moment.”
Last week, Snap said it was aiming to sell its stock for $14-$16 a share, putting the company’s value at $19.5 billion to $22.2 billion. That would make Snap among the biggest public tech companies by market capitalization to have its headquarters in the Los Angeles area.
At that valuation, Snap’s…